For a web-based startup, should the MVP be a 'walkthrough', which presents every aspect of the website (no functionality) or a fully functional one?

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People get this wrong all the time. An MVP is something you can sell to people for real, actual money. What you are referring to is a prototype. Even a fully-functional prototype is still just a prototype. It is not an MVP until you’ve proven the V part of it by actually selling it to somebody.

It is not a sales tool to help you get investment. It’s an actual product that is worth real money. If you’re just building it for an investor then your product has a potential market of one.

I think most people end up having to read The Lean Startup like six times while building stuff before they finally really start to get it.

Start with sales. Find out what people (not investors) want, and are willing to pay for. Build that. Sell it to those people. Collect money.

Prototypes are only valuable if you are selling the software to a client. The client does the rest of the work to turn what you made into a viable business. Software is only one of the components needed. If you are making the business, then you need to provide all the other components. Only then is it a Minimum Viable Product.